The total value of the Tendyne deal is $250 million, including a $225 million up-front payment, plus future regulatory milestones, the Abbott Park, Ill.-based company said.
Tendyne launched a U.S. clinical trial of its bioprosthetic mitral valve replacement last April and plans to begin enrollment in a European study next year to support CE Mark approval.
When it announced the Tendyne buy, Abbott also said it acquired a stake with an option to buy in Santa Cruz, Calif.-based Cephea for an undisclosed amount.
The Tendyne and Cephea investments augment Abbott’s existing mitral valve treatment, the MitraClip, which won pre-market approval from the FDA in October 2013.
CEO Miles White has said that Abbott has powder to burn and is ready to use it on mergers & acquisitions.